Situation of fake currency ‘alarming’, says Pranab Mukherjee

    
   

 15 December 2009,


NEW DELHI: Government today admitted that the problem of
 fake currency was "alarming and dangerous" as some groups
 are trying to destabilise the
Indian economy by injecting massive doses of counterfeit
notes in the country.

"There are two kinds of groups, one is of individuals working
 for profits, but much more dangerous is the effort of injecting
massive doses of fake notes in the country, trying to destabilise
the economy," finance minister Pranab Mukherjee said in Rajya Sabha.

In his written statement, Mukherjee also admitted that the security
 breaches of the notes were last updated in 2005 while a committee
 has been set up in this regard.

"The situation is alarming," he said answering supplementaries
during Question Hour.

But, it would take another two years before upgraded security
features are included in the currency notes, the minister said.

He said it would be difficult to quantify counterfeit currency
in circulation. "It is anybody's guess," he said, adding that
as per 2005 figures there are 48.9 billion pieces (of genuine currency)
in circulation and of these 0.001 per cent could be fake.
 There is no authentic information about fake currency.

Mukherjee said he was not an "alarmist" as finance minister.
"I cannot afford to be one," he said, adding that more cases are
being detected, showing high alertness of government agencies.


Source:PTI